Gross mortgages up 19pc in Q3
The figures were 25% higher compared to the same quarter in 2012 and represented the highest amount advanced in a quarter since Q3 2008.
Meanwhile net advances, which amounted to £7.2bn in Q3 this year, were 29% higher than the same quarter in the previous year.
The value of new commitments surged by 40% to £50.5bn compared to Q3 2012, the largest quarterly amount of new commitments since Q2 2008.
In Q3, overall house purchases accounted for 67.6% with gross advances at £33.5bn.
First-time buyer lending increased to 20% of overall lending, the highest since the series began in 2007 at £9.9bn while remortgage business fell back to 26.6%.
The buy-to-let market followed suit as lending in this market as proportion of overall lending dropped back to 11.8%. However there was a large increase in the value of buy-to-let lending up from £4.1bn in Q3 2012 to £5.9bn this quarter.
Other new lending, which includes lifetime and equity release mortgages, fell back to 3.2% reversing the gradual upward trend seen in previous quarters.
Arrears and possessions
The number of new arrears cases in Q3 2013 was 7.9% lower than in Q2 2013 at 29,900, the lowest quarterly number of new cases since the series began in 2007.
The total number of loan accounts with reportable arrears decreased from 292,200 in Q2 2013 to 278,400 in Q3 2013, a reduction of 4.7% and the lowest since Q3 2007.
The performance of loans in arrears, payments received as a percentage of payments due, improved for the fifth quarter in succession to 61.3% in Q3 2013.
Arrears totalling £29 million on 8,012 accounts were capitalised in Q3 2013, an increase of 4.8% by number compared with Q3 2012.
Repossession fell by 14% from the same quarter last year to 7,349 in Q3 2013.
As possession sales outstripped new possessions the stock of possession cases remaining unsold reduced for the ninth quarter in succession.
This brought the stock of possession cases down to 11,326 in Q3 2013 and the lowest level since the series began in 2007.